The Relevance of Federal Reserve Surplus Capital for Current Policy
INTRODUCTIONSurplus capital is employed in commercial enterprises as a reserve for contingencies such as absorbing losses or meeting expenses and dividends when earnings are low. The Fed has employed...
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Europe’s Monetary Mistake
Unwelcome monetary conditions hold sway in the Euro Area, where the European Central Bank has allowed money supply growth to fall precipitously. This is causing unnecessary stress for European workers...
View ArticleMaking Central Banks More Resistant to Political Pressures and Fads
This paper was presented April 13, 2014 at the International Monetary Fund’s Spring 2014 Meetings, in the session entitled “Can or Should Central Banks Remain Fully Independent Despite a Wider Mandate...
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The Politics of Banking
This article appeared in National Review on April 18, 2014.If you have time to read only one book about the causes of the 2008 financial collapse, read this one. You will discover that the banking...
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How the Fed Fuels the Coming Inflation
Allan H. Meltzer, Carnegie Mellon University and Hoover InstitutionThis article originally appeard in the Wall Street Journal on May 7. The U.S. Department of Agriculture forecasts that food prices...
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The ECB's Misfire
The European Central Bank has announced new measures to fight surprisingly low inflation and sluggish economic growth throughout the Euro area. While these initiatives, made public last Thursday, will...
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Cronyism at the Ex-Im Bank
Teaser: The new House majority leader, Kevin McCarthy, has announced his opposition to renewing the charter of the Export-Import Bank. Kudos to him. The Ex-Im Bank is ripe for elimination. The bank has...
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Portuguese Bank Crisis Is the Tip of the Iceberg
Teaser: The Portguese crisis over Banco Espirito Santo should be a reality check for European markets. Espirito Santo is just the excuse--real problems lie far deeper.This article originally appeared...
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How Obama’s Immigration Plan Could Benefit Wal-Mart
Teaser: Additional legal immigrants will bolster GoBank. If this partial foray into banking works out, Wal-Mart may yet again attempt for a bank charter of its own. And to the dismay of the...
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Don’t Audit the Fed, Restructure It
Teaser: An active -- and often colorful -- debate surrounds recent legislative proposals to “audit” the Federal Reserve. While participants on both sides of this debate have not always been careful to...
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Dysfunctional Congress Takes Aim at the Fed
Teaser: Anyone expecting the mild-mannered Federal Reserve Chairman to be treated with kid gloves at her semi-annual congressional testimony last week was mistaken. On the Senate side, Massachusetts...
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The QE Trap
Teaser: QE cannot solve the main problems of the eurozone.This article originally appeared in IntereconomicsQuantitative easing (QE) is the latest central bank fad. After years of QE by the US Federal...
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The Ex-Im Bank Must Go
Teaser: If the GOP is to maintain its legitimacy as the party of the free market, it must not reauthorize Ex-Im. Conservatives should not sit by and watch while corporate welfare continues to skew the...
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Getting Serious about Ending Bank Bailouts
Teaser: On July 23 – roughly five years from the date the Dodd-Frank bill was passed – I had the opportunity to testify before the U.S. House Committee on Financial Services about whether we have fully...
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Keep the Ex-Im Bank Dead
Teaser: Last month the Ex-Im bank’s charter expired after a nearly two-year fight to avoid reauthorization by free-market Republicans. However, their efforts could be for nothing because of Senate...
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